This document provides a 3-page corporate presentation for Gran Colombia Gold (TSX: GCM). Some key points: - GCM is a Canadian-listed gold producer focused on its high-grade Segovia Operations in Colombia. - Production increased 28% to 149,708 ounces in 2016, with AISC below $900/oz expected in 2017. - The Marmato Project is one of the top 20 largest undeveloped gold deposits globally. Deep drilling shows potential to expand resources. - Excess cash flow is being used to retire senior debentures, with some debt repurchased through normal course issuer bids. - The company is undervalued relative to peers based on various

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TSX: GCM
May 2017
The leading high‐grade gold producer in Colombia
Corporate Presentation
May 2017

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TSX: GCM
May 2017
Forward‐Looking Statements DISCLAIMER
This presentation contains "forward‐looking information", which may include, but is not limited to, statements with
respect to the future financial or operating performance of the Company and its projects, and, specifically, statements
concerning anticipated growth in annual gold production, reduction of cash costs and AISC, future G&A, capex and
excess cash flow, interest payments on the senior debt and future purchases and/or redemptions of the senior debt.
Often, but not always, forward‐looking statements can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations
(including negative variations) of such words and phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved. Forward‐looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of
Gran Colombia to be materially different from any future results, performance or achievements expressed or implied
by the forward‐looking statements. Factors that could cause actual results to differ materially from those anticipated
in these forward‐looking statements are described under the caption "Risk Factors" in the Company's Annual
Information Form dated as of March 30, 2017 which is available for view on SEDAR at www.sedar.com. Forward‐
looking statements contained herein are made as of the date of this presentation and Gran Colombia disclaims, other
than as required by law, any obligation to update any forward‐looking statements whether as a result of new
information, results, future events, circumstances, or if management's estimates or opinions should change, or
otherwise. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward‐looking statements.

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TSX: GCM
May 2017
Canadian-listed (TSX: GCM) producer with offices in Toronto/Medellin.
Primary focus is on high-grade Segovia Operations. Continuing to
expand and mechanize the underground mining operations (~84% of
total production). Announced 174% increase in M&I resources to 1.1M
ozs in April 2017.
The Marmato Project, one of the Top-20 largest undeveloped global
gold deposits, provides significant optionality to gold and silver prices
with current resources in excess of 14M ozs of gold and almost 90M ozs
of silver. Deep mineralization holds potential to add resources.
The Zancudo Project, a former high-grade producer, provides
exploration upside. IAMGOLD signed an option agreement in 2017 to
conduct exploration and for the potential purchase of an interest.
Excess Cash Flow being set aside to retire Senior Debentures.
Repurchasing debt through NCIBs launched in 2016.
Annual gold production increased 28% to 149,708 ounces in 2016.
AISC averaged US$850/oz for 2016 and 2017 average expected to be
below US$900/oz.
Upside in resource expansion and exploration assets.
Leading Colombian high-grade underground gold producer.
• undervalued versus peers!
Gran Colombia Gold

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TSX: GCM
May 2017
2016 ACCOMPLISHMENTS
Priorities
 Completed senior debt restructuring in January 2016.
 Made all monthly interest payments on Senior Debentures.
 Continued implementation of optimized mine plan at Segovia.
 Completed 10,000m drilling program at Segovia….upgraded resources.
 Improved balance sheet by reducing working capital deficit.
 Balance sheet improved through conversion of Senior Debentures to equity.
 Generated Excess Cash Flow for deposit to sinking funds for Senior
Debentures and used funds to repurchase debt for cancellation.
2016 Targets
Guidance Actual
Gold production (ozs) 120,000 – 138,000 149,708
Cash cost/oz sold $700 ‐ $750 $706
AISC/oz sold $850 ‐ $950 $850
Exceeded Guidance

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TSX: GCM
May 2017
2017 OUTLOOK
Priorities
1. Improve capital structure: share consolidation and debt extension.
2. Generate Excess Cash Flow = 10% of principal amount of Senior Debentures.
3. Continue implementation of optimized mine plan at Segovia:
– Continue development and mechanization at Providencia and El Silencio.
– Additional upgrades at Maria Dama plant and tailings storage expansion.
4. 20,000m drilling program at Segovia…upgrade and extend resources.
5. Update mineral resource estimates at Segovia and Marmato Underground.
2017 Targets
2016 Actual 2017 Guidance
Gold production (ozs) 149,708 150,000 – 160,000
Cash cost/oz sold $706 < $720
AISC/oz sold $850 < $900
Guidance

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TSX: GCM
May 2017
BOARD & MANAGEMENT
Board of Directors
Serafino Iacono Executive Co‐Chairman
Miguel de La Campa Executive Co‐Chairman
Robert Metcalfe * Lead Independent Director; Lawyer
Mark Ashcroft * Mining executive; Professional Engineer
Jaime Perez Branger * Managing Director, Blue Pacific
Ed Couch * Investor
Ian Mann * Resource sector fund manager
Hernan Martinez * Former Colombian Minister of Mines and Energy
Mark Wellings * Mining executive; Professional Engineer
Key Management
Lombardo Paredes Chief Executive Officer
Michael Davies Chief Financial Officer
Alessandro Cecchi Vice President, Exploration
Hector Melendez Mine General Manager, Segovia Operations
Gabriel Gaviria Mine General Manager, Mineros Nacionales
* Independent

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TSX: GCM
May 2017
CAPITAL STRUCTURE
TSX Symbol Exercise Price Issued &
Outstanding
Fully Diluted
Shares
Common shares GCM 20.5M 20.5M
2018 Debentures * GCM.DB.U US$1.95 $46.0M 23.6M
2020 Debentures * GCM.DB.V US$1.95 $100.5M 51.5M
95.6M
Warrants GCM.WT.A
Unlisted
CA$48.75
CA$281.25
0.3M
67K
Options CA$2.55
CA$27.60
1.9M
47K
* Amounts shown for the Senior
Debentures are at Face Value.
Gran Colombia launched Normal Course Issuer Bids in July 2016 to repurchase the 2018 and 2020 Debentures on the open
market for cancellation. To date, $3.4M has been repurchased and cancelled.
Consolidated common shares on a 1:15 basis effective April 25, 2017.
Proposals made to extend maturity of 2020 Debentures to 2024; process expires May 11, 2017.
Post Consolidation

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TSX: GCM
May 2017
RELATIVE PERFORMANCE
Relative performance since January 1, 2016
Chart data as at April 27, 2017
Source: Bloomberg
Relative performance since January 1, 2017
(100.0%)
(50.0%)
0.0%
50.0%
100.0%
150.0%
200.0%
1-Jan-16 1-Mar-16 30-Apr-16 29-Jun-16 28-Aug-16 27-Oct-16 26-Dec-16 24-Feb-17 25-Apr-17
Gold Spot $/Oz Silver Spot $/Oz GCM GDX GDXJ
65.1%
58.8%
25.4%
19.3%
(17.9%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
1-Jan-17 16-Jan-17 31-Jan-17 15-Feb-17 2-Mar-17 17-Mar-17 1-Apr-17 16-Apr-17
Gold Spot $/Oz Silver Spot $/Oz GCM GDX GDXJ
2.3%
6.4%
9.8%
10.6%
(2.7%)
Share Price

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TSX: GCM
May 2017
VALUATION OPPORTUNITY
Undervalued compared to Peer Group – significant upside opportunity
Price / NAV EV / EBITDA
(2017e)
EV / Production
(2017e)
Price / CFPS
(2017e)
0.1x
0.8x
GCM Junior Peers
0.5x
8.2x
GCM Junior Peers
2.1x
6.7x
GCM Junior Peers
$1,052
$3,229
GCM Junior Peers
Market data as at April 26, 2017.
Peer Group comprises 12 junior gold producers.
“Jr” amounts represent mean values for Peer Group.
Forward‐looking figures for GCM based on flat gold price of US$1,250/oz
Source: FactSet, Bloomberg, equity research and Company disclosure.
Peer Comps

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TSX: GCM
May 2017
SEGOVIA OPERATIONS
Category
Gold Resource (1)
(ozs)
Grade
(g/t)
Measured 116,000 19.1
Indicated 984,000 11.4
Inferred 978,000 9.9
 High-grade quartz-sulfide veins in historic mining district.
 Over 5 million ounces of gold produced through continuous mining over past 150 years.
 Production increased ~36% to 126,261 ounces of gold in 2016.
 Cash cost(2) averaged US$655/oz in 2016.
 Three active underground mines (31 historic mines) and a substantial land package of ~9,000 hectares. Unique
RPP contract license grants mining rights in perpetuity.
 Continuing to expand and mechanize underground mining operations. Executing 20,000 meters drilling campaign in
2017 to further its efforts to upgrade and extend its mineral resources at its Segovia Operations.
 Local contract cooperative mining model is successfully leveraging artisanal mining capabilities in high-grade
secondary pillar recovery operations and improving environmental management in the area.
 Maria Dama plant has been expanded to handle up to 1,500 tpd.
(1) Sourced from Company’s Press Release dated April 19, 2017.
(2) By‐product credit basis. Refer to Company’s MD&A for computation.
84%
2016
Production
Production Stage

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TSX: GCM
May 2017
SEGOVIA OPERATIONS 12 g/t M&I Resources

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TSX: GCM
May 2017
MARMATO PROJECT
Category
Gold Resource (1)
(ozs)
Gold Grade
(g/t)
Silver Resource (1)
(ozs)
Silver
Grade (g/t)
Measured 1,661,000 1.0 7,606,000 4.8
Indicated 9,782,000 0.9 70,769,000 6.3
Inferred 2,581,000 1.0 9,408,000 3.7
 Mineralization is hosted by sheeted pyrite vein system in dacite to andesite porphyry stocks.
 Mountain of gold in historic mining district.
 Existing underground mining operation with production of 24,447 ozs of gold in 2016.
 Cash cost(2) averaged US$981/oz in 2016.
 Ranked in Top-20 of undeveloped global gold deposits by size.
 Deep zone drilling in 2012 shows that mineralization at Marmato extends at least 800m below the limit of the current
underground mining operation and is still open at depth. Small drilling program in 2016 yielded encouraging results.
Merits further exploration.
(1) Based on August 2012 NI43‐101; updated for production to 12‐31‐2016 and reduction due to lapse of certain licenses in open pit area.
(2) By‐product credit basis. Refer to Company’s MD&A for computation.
16%
2016
Production
Exploration Stage

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TSX: GCM
May 2017
MARMATO PROJECT
Legend
DRILL HOLES AU PPM
Pending
0 0.1
0.1 0.3
0.3 1
1 2.5
> 2.5
BLOCKS AU PPM
0 0.1
0.1 0.3
0.3 1
1 2.5
> 2.5
Deep Mineralization
Gaining Attention

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TSX: GCM
May 2017
Growth in Gran Colombia’s total gold production has been driven by the high‐grade
Segovia Operations. Marmato has been steady.
2017 production guidance is 150,000‐160,000 ounces of gold.
Gold ProductionRESULTS
AISC (‐23%)
000’s ozs
‐
15
30
45
60
75
90
105
120
135
150
2013 2014 2015 2016
Segovia Marmato

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TSX: GCM
May 2017
Total Cash Cost Per Ounce (1)RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2013 2014 2015 2016
Segovia
2013 2014 2015 2016
Marmato
$981
16% of 2016 gold sales
US$/oz sold
$655
84% of 2016 gold sales
Total cash cost for the Company of $706/oz in 2016 was down 3% from 2015.
Growth in production from the lower cost Segovia Operations (84% of total gold sales in 2016 vs 79% in 2015) was a key
driver to reducing the Company’s total cash cost per ounce in 2016.
Segovia’s growth also helped to reduced its fixed operating costs on a per ounce basis. Marmato’s total cash cost per
ounce was adversely impacted in 2016 by lower grades and mill recovery.
(1) By‐product credit basis. Refer to Company’s MD&A for computation.

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TSX: GCM
May 2017
All‐In Sustaining Costs (1)
(1) All‐In Sustaining cash cost per ounce includes total cash costs per ounce and
adds the sum of G&A, sustaining capital and certain E&E costs and provision for
environmental discharge fees. Refer to the Company’s MD&A for computation.
RESULTS
AISC (‐23%)
US$/oz sold
$400
$600
$800
$1,000
$1,200
$1,400
2013 2014 2015 2016
G&A,Sustaining
Capex and Other
Total Cash Cost
$850
AISC averaged $850/oz in 2016, down from $863/oz in 2015.
Capital investment in 2016 focused on exploration, development and modernization programs at Segovia.
2017 average AISC expected to remain below $900/oz.

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TSX: GCM
May 2017
Gran Colombia’s AISC is well positioned amongst industry peers.
All‐In Sustaining Costs (1)
(1) Full Year 2016 reported results per Q4 Full Year‐2016 filings; AISC is a common performance measure but does
not have any standardized meaning within the industry and therefore its computations may vary between
companies.
RESULTS
AISC (‐23%)
US$/oz sold
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400
TAHOE Resources
Kirkland Lake Gold
IAMGOLD
Timmins
Kinross
Argonaut Gold
Centerra Gold
Yamana Gold
Goldcorp
Gran Colombia Gold
Barrick Gold
New Gold
Cash Cost AISC
$850

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TSX: GCM
May 2017
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
$‐
$10
$20
$30
$40
$50
$60
$70
2013 2014 2015 2016
$66.0 M
US$M
2016 adjusted EBITDA of $66M was up 72% over 2015.
Growth in gold production and improved gold prices while controlling cash costs were the keys to
Gran Colombia’s adjusted EBITDA growth in 2016.

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TSX: GCM
May 2017
Excess Cash FlowRESULTS
(1) As defined in the Indentures (available on the
Company’s web site) for the 2018 and 2020 Debentures.
‐20 ‐10 0 10 20 30 40 50 60 70
Excess Cash Flow (1)
Local debt repayments
Debt restructuring costs
Other obligations
Equity and wealth taxes
Other working capital
Income taxes paid
Payables reduction
Interest paid
Capex
Adjusted EBITDA
$2.9M
Uses of cash in 2016 to reduce working
capital deficit and improve the balance sheet.
2016 ‐ US$M
$66.0M
Expecting 2017 Excess Cash Flow of $15M (10% of principal amount of Senior Debentures)

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TSX: GCM
May 2017
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360‐4653
investorrelations@grancolombiagold.com
Town of Segovia